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Serica Energy plc announced on 3 February 2025 that the OFAC License and secondary sanctions assurance for the Rhum field, in which Serica holds a 50% interest, have been extended by two months to 31 March 2025. This extension facilitates the processing of the Company's application for a new long-term license, permitting entities to continue providing goods, services, and support to the Rhum field, which has been continuously licensed since 2013.
| Date | 3 Feb 2025 |
| Time | 07:00:07 |
| Category | Corporate updates |
| ID | 6134V |
3 February 2025
Serica Energy plc
('Serica' or 'the Company')
Update on OFAC License process
Serica Energy plc (AIM: SQZ) announces that the OFAC License and secondary sanctions assurance relating to the Rhum field (SQZ: 50%) have been extended by two months to 31 March 2025. This extension is to allow the processing of the Company's application for a new long-term license to be completed following the transition in US Administrations.
The License and assurance permit certain U.S. and U.S.-owned or controlled entities, and all non-U.S. entities, to continue providing goods, services and support to the Rhum field.
The Rhum field has benefited from an OFAC License continuously since 2013.
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Enquiries:
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Serica Energy plc |
+44 (0)20 7487 7300 |
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Martin Copeland (CFO) / Andrew Benbow (Group Investor Relations Manager) |
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Peel Hunt (Nomad & Joint Broker) |
+44 (0)20 7418 8900 |
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Richard Crichton / David McKeown / Emily Bhasin |
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Jefferies (Joint Broker) |
+44 (0)20 7029 8000 |
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Sam Barnett / Will Soutar |
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Vigo Consulting (PR Advisor) |
+44 (0)20 7390 0230 |
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Patrick d'Ancona / Finlay Thomson |
NOTES TO EDITORS
Serica Energy is a British independent oil and gas exploration and production company with a portfolio of UKCS assets. Serica has a balance of gas and oil production. The Company is responsible for about 5% of the natural gas produced in the UK, a key element in the UK's energy transition.
Serica's producing assets are focused around two main hubs: the Bruce, Keith and Rhum fields in the UK Northern North Sea, which it operates, and a mix of operated and non-operated fields tied back to the Triton FPSO. Serica also has operated interests in the producing Columbus (UK Central North Sea) and Orlando (UK Northern North Sea) fields and a non-operated interest in the producing Erskine field in the UK Central North Sea and interests in several earlier stage licences.
Serica has a two-pronged strategy for growth comprising investment in its existing portfolio and M&A. Further information on the Company can be found at www.serica-energy.com. The Company's shares are traded on the AIM market of the London Stock Exchange under the ticker SQZ and the Company is a designated foreign issuer on the TSX. To receive Company news releases via email, please subscribe via the Company website.